Bitcoin (BTC) continues to hit its highest level in 18 months and bullish BTC price predictions are pouring in – how high can the bull market go and how fast?
From crashing to $20,000 to reaching six figures within a few months, there is a lot of diversity when it comes to what Bitcoin could do next, with November traditionally being one of the most volatile months.
BTC/USD Monthly Returns (Screenshot). Source: CoinGlass
Sentiment among crypto traders and analysts has improved over the past month after “Uptober” delivered nearly 30% BTC price gains.
Cointelegraph takes a look at five of the most popular destinations for 2024 and beyond. Stock-to-flow may not have caught on – at least for now – but $250,000 is still on the radar.
Matrixport predicts $45,000 within two months
A lot can happen to Bitcoin in a short period of time, and with 2024 less than two months away, there is still plenty of time for new BTC price volatility to emerge.
Some say that before the annual candle close, BTC/USD will be higher than it is currently – by another 30%.
This prediction came from Matrixport, the cryptocurrency trading company founded by Jihan Wu, himself a co-founder of Bitcoin mining giant Bitmain.
Related: 4 Signs Bitcoin Is Starting Its Next Bull Run
In a blog post at the end of October, Matrixport doubled its year-end price target of $45,000 that it originally announced in January. It was based on a handful of internal models, with Matrixport also successfully predicting Bitcoin’s October gains.
“Bitcoin breaks $31,500 resistance in July, showing $45,000 is achievable by year-end,” it summarized.
BTC/USD is currently trading at around $34,500, according to data from Cointelegraph Markets Pro and TradingView, meaning the level will need another 30% increase by year-end.
BTC/USD 1-week chart. Source: TradingView
BitQuant: New all-time high before halving, $250,000 after
For many, the halving is a turning point in every Bitcoin price cycle – but one well-known commentator believes there will be new all-time highs before then.
In September, BitQuant announced that BTC/USD would break above its current high of $69,000 before April 2024.
He told X subscribers:
“No, Bitcoin will not peak before the halving. Yes, it will reach a new all-time high before the halving. No, BTC will not rise to $160,000 as the magnitude of any pullback is large. This means that it will peak after the halving in 2024. And yes, the price target is around $250,000.”
Both the all-time high and the post-halving target of $250,000 are on Elliott Wave charts, with Bitcoin mimicking the behavior of previous cycles.
Annotated BTC/USD chart. Source: BitQuant/X
However, on the way to the quarter million mark, BitQuant made way for a total of four “withdrawals”.
“There will be a decline before a new all-time high is reached, followed by another decline around $125,000.” Additionally, there will be two more pullbacks after the halving, which are not shown here,” he added in X -Interactions added.
Three BTC price models, a target zone of $130,000
Predictions about Bitcoin’s all-time high come not only from individual market participants – the BTC price models are also positive.
Last month, Cointelegraph reported on a range of forecasting tools all focused on a range around $130,000 per Bitcoin.
These come from popular analyst CryptoCon, who still believes it could take two years for a six-figure BTC price to become a reality.
“I’m prepared for lower prices, but this cycle the stars are aligned for Bitcoin at 130,000!” he wrote in an X thread on the model data.
The concept is also based on halving events, and the next peak is expected to occur around four years after the $69,000 movement in November 2021.
Bitcoin price model based on halving cycles. Source: CryptoCon/X
The One Million Dollar Question
It’s no secret that some believe that a $1 million BTC price is only a matter of time.
Related: New BTC price breakouts see Bitcoin traders confirm targets up to $48,000
This year, Cathy Wood, founder, CEO and CIO of asset management firm ARK Invest, along with former BitMEX CEO Arthur Hayes, doubled their bet on Bitcoin to seven figures.
When this might happen is understandably up for debate, but changing macroeconomic tides have encouraged what remains a bold BTC price prediction.
In October, Hayes claimed that the path to $1 million per Bitcoin was “in full force” thanks to macroeconomic realities.
“If people lose trust in the bond market and this artificial fiat construction that we have created over the last 80 to 100 years – this global economy and how it is structured – if we lose trust in that, then the crowd will “Looking for an alternative will be something we’ve never seen before,” he said in an interview with Blockworks’ “On The Margin” podcast on March 1. November.
For her part, Wood said in a Nov. 3 interview with Bloomberg that she would “undoubtedly” choose Bitcoin over gold as an inflation hedge.
This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.
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